The Assam government on Monday introduced a bill in the assembly to protect economically vulnerable groups and individuals from the hardship of usurious interest rates and coercive means of recovery by micro finance institutions or money lending agencies.
Tabling The Assam Micro Finance Institutions Bill, 2020, Finance Minister Himanta Biswa Sarma stated, “It proposes to create an effective mechanism to regulate the micro finance institutions or money lending agencies or organizations”.
On December 13, the Assam Cabinet had approved the proposal to reign in the micro finance entities that mostly give loans to women self-help groups (SHG) at high rates.
“It will help a taxpayer clear all outstanding dues in respect of amounts assessed for the periods up to 30th June 2017 and levied against him on or before 30th September 2020,” Sarma said.
